Just when you think gold was down for the count, as so many news reports would influence you to believe, the gold atmosphere changed and has people now leaning again toward more gold in their portfolio.

The pummeling gold took in 4Q 2011 was like a tornado hitting a tent. As clearly, one of the top performing investments going into 4Q, the gold price was beaten down by profit-taking, multiple increases in contract margin requirements and repeated claims that gold was another bursting bubble. Had anyone known what gold was headed for prior to its 4Q beating, $1000 gold predictions would have appeared certain.

Instead, gold hung in there like Ali vs. Foreman and now appears to want to move back toward record highs. With all the negativity for gold potentially behind it, we now look forward and see that a global debt bomb could go off any minute, world currencies are getting weaker by the second and central banks are buying gold like it's the last chance investment before Financial Armageddon.

Now the question, if all the negative forces in play last quarter only resulted in what could be called a normal bull market pullback, what will the positive forces now in favor of gold do to the gold price? To answer that, I refer you to a recent Citi report that projects the gold price to reach $2400 an ounce in 2012 and $3400 by 2013. The report even hints of the potential for gold at $6000 an ounce, a price you expect to hear uttered only by the most fervent of gold bugs.

If these predictions are true, this could be the last chance for investors to own gold CHEAP! But then again, what's cheap? The real question of how high can the gold price go is really a question of how far can currency values fall. The more you print the less they are worth.

And print they will, at least according to a report today from Morgan Stanley, who says the economy will slow dramatically in early 2012 thus prompting the Fed to engage in more easing. More easing means more printing and less dollar value.

Game on!